ATO

Policy & Regulation

ASIC/APRA/ATO need to be audited on value for money

The major financial services regulators need to be comprehensively audited to ensure they are actually delivering value for money in the work that they do reflecting the ...

Superannuation

Unpaid super amnesty extended

Senator Jane Hume has announced an extension of legislation to establish a one-off amnesty for the historical underpayment of super guarantee. ...

Tools & guides

Preparing for an SMSF audit

SuperConcepts’ Graeme Colley explains why self-managed super funds are likely to come under more scrutiny following recent court decisions and how trustees and their clie...

Superannuation

Law must change to make super payable on payday

The ATO’s handling of punishing employers who do not pay their workers super is negligible at best, ISA believes....

Financial planning

Jail time for tax agent

Registered tax agent, Nigel Bradshaw, has been sentenced to a one-year jail term after he was caught stealing refunds from clients....

Financial planning

DII products do not work well for chronic conditions

Disability income insurance products and the way they have been designed do not work well for prolonged periods of disability or chronic conditions, according to the anal...

Features

Guiding advisers through their education options

Advisers might not be looking forward to fulfilling the Financial Adviser Standards and Ethics Authority education requirements, but just like financial planning itself, ...

Superannuation

Super trustees could be hit with $4k penalty

The ATO is looking to audit funds that are invested in a single asset class and will slap a penalty on them if the investment strategy does not meet retirement objectives...

Policy & Regulation

ATO says 90% of small business income tax paid voluntarily

The ATO has revealed 90 per cent of income paid by small business is voluntary, with that same percentage using a registered tax professional....

Superannuation

ISA argues for empowerment of unions and funds

Industry Super Australia wants unions and industry funds empowered to act as agents of the Australian Taxation Office to pursue employers who don’t meet their superannuat...

Policy & Regulation

Has double-counting led to transfer balance cap blow-outs?

Double-counting may have led to the Australian Taxation Office wrongly pursuing superannuation fund members over excess transfer balance caps....

Policy & Regulation

Tax practitioners may face EUs and permanent bannings

Tax practitioners may find themselves facing a similar array of sanctions to that confronting financial planners including enforceable undertakings and permanent bannings...

Superannuation

Auditor disqualifications commended by SMSF Association

The SMSF Association has thrown its support behind the Australian Securities and Investments Commission decision to disqualify or add conditions to 17 auditors of self-ma...

Policy & Regulation

Fake tax agents a risk during tax time

The Australian Tax Office is warning taxpayers to look out for people posing as tax agents who aren’t registered with the Tax Practitioners Board....

Policy & Regulation

ATO change eases the sale of deceased estates

STEP Australia has welcomed new guidelines on capital gains tax announced by the Australian Taxation Office as a way to ‘simplify and clarify’ the process of deceased est...